Following nearly 15 years of stagnation, Berjaya Vietnam International University Town LLC plans to start the construction of its International University Urban Area project in the Hoc Mon district of Ho Chi Minh City in the first quarter of 2024.
This project has been delayed since 2008 and currently remains in the process of land compensation and clearance.
Ho Chi Minh City People’s Committee is resuming its mega-plan to turn the city into an international financial hub after last year’s disbandment of the $900 million Berjaya Vietnam Financial Centre.
Malaysia’s Berjaya Land Bhd. (BLand) has finally decided to sell its entire stake at Berjaya Vietnam Financial Center Limited (BVFC) to local real estate developers Vinhomes and Can Gio Tourist City Corporation for VND884.93 billion ($38.7 million).
Vietnam Lottery One-member Limited Liability Company (Vietlott), the foreign partner of which is Berjaya’s Vietnamese subsidiary Berjaya Gia Thinh Investment (Berjaya GTI), is facing multiple allegations of fraud.
Berjaya Vietnam’s multi-billion dollar property projects are facing dark times.
A long-delayed billion dollar property project, at the heart of the southern hub, has entered last chance saloon.
The skids will be under a landmark Ho Chi Minh City financial centre development until May.
Phuong Anh Phat, senior business development manager of Berjaya Vietnam - a subsidiary of Malaysia’s Berjaya Land Berhad, said that the company intended to get its $930 million Vietnam Financial Centre (VFC) off the ground in September. A construction licence from the Ho Chi Minh City Construction Department are locked in.
With investments in real estate, finance, and most recently lottery, chairman Vincent Tan showed his ambition to expand Berjaya Corporation’s footprint in Vietnam.
Malaysian real estate giant Berjaya Land Berhad last week unveiled its plan to downsize its investment portfolio in Vietnam.
Berjaya Land Bhd. will sell its entire stake in Vietnamese 4-star Berjaya Long Beach Resort Phu Quoc to Sulyna Hospitality Hotel Restaurant Travel Service Co., Ltd. at the price of VND333.25 billion, or RM65.32 million ($14.67 million).
Two projects by Malaysia’s Berjaya Land, a wholly-owned subsidiary of Berjaya Leisure (Caymans) Ltd., have seen zero progress after being granted investment certificates many years ago.
Despite its failed businesses in the Vietnamese real estate market, Malaysia-based Berjaya Group has committed to invest more in Vietlott to help the firm achieve an annual turnover of VND13 trillion ($572.6 million) and reach a growth rate of 20 per cent per year.